Malabar Gold to invest Rs 240 crore in India, overseas expansion
Jewellery retailer Malabar Gold and Diamonds is planning to invest Rs 240 crore ($32.3 million) to strengthen its presence in the Indian and international markets, amid the Covid-19 pandemic.
The company will open nine stores in India and other countries like Singapore, Malaysia, Oman, and the UAE.
Malabar will focus on tier 1, 2 cities for its India expansion and plans to open stores in Lucknow, Dwarka (Delhi), Ghaziabad (Uttar Pradesh), Thane (Maharashtra), and Kamanahalli (Bengaluru) in Karnataka.
“The opening of these nine showrooms in the post-Covid scenario demonstrates the faith reposed by the customers in the brand. Our retail expansion is a part of our plan to become the number one gold retail brand in the world in terms of both showroom count and sales. Accordingly, we have plans to triple the number of showrooms in the next five years,” Malabar Group chairman, MP Ahammed, said in a statement.
To boost its sales during the upcoming festive season, Malabar Gold has launched the ‘One India One Gold Rate’ initiative and expects strong sales in the coming months.
Malabar Gold reported revenue of $4.51 billion in 2018-19. The company currently owns and operates more than 260 showrooms across ten countries.
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